Al-Enma Bank and The Public Pension Agency (PPA) has signed a Memorandum of Understanding (MoU) to set up a new Saudi Commodities Market at King Abdullah Financial Center in Riyadh. Minister of Finance DR.Ibrahim Al-Assaf, who is also the Chairman of the PPA's Board of Directors said this agreement will be a milestone to assist the national economy in general and to promote the Islamic-approved financial transactions. The purpose of the market is to facilitate commodity exchanges, increase local product exports, upgrade Islamic friendly funding and provide more job opportunities, DR.Al-Assaf added. "The preliminary studies earlier conducted by both PPA and Al-Enmaa Bank showed the importance of such a market in the Kingdom of Saudi Arabia," he said, noting that additional studies are needed to be finalized and approved by the Royal Court. In the last ten years, the number of financing contracts transacted in the global commodities' markets has increased rapidly. The London Commodities Exchange Market by itself exceeded deals worth more than $2000 Billion per year.
